NEW YORK, (Reuters) – Google Inc’s YouTube and  Universal Music Group, the world’s largest music company, said  yesterday they will launch a premium music video website as  they bid to increase revenue from YouTube’s huge usage.

The new site will be called Vevo and is expected to launch  in coming months, the companies said. Plans for Vevo come in  addition to the renewal and extension of YouTube’s rights deal  to feature video content from Universal artists such as U2, 50  Cent and Kanye West.

Universal Music is owned by French media group Vivendi.
Vevo will be a premium online music video hub designed to  offer higher-quality videos, as opposed to the typical grainy  and often user-generated videos on YouTube. The idea is for  Vevo to attract more big-name advertisers and other content  owner partners.

Universal and YouTube will share advertising revenue  generated by the site. Both sides will be betting that building  a premium site will help increase advertising rates. Many big  brand owners have avoided advertising alongside YouTube’s mix  of user-generated videos.

Vevo will also serve as a syndication platform as YouTube  and Universal expand the reach of the Vevo brand, the companies  said.